Kevork Hovnanian, founder of Red Bank real estate firm, dies at 86

Photo courtesy of Homebuilder HovnaniKevork S Hovnanian, who died Thursday at the age of 86, founded the Homebuilder Hovnanian Enterprises Inc. in 1959.Kevork S. Hovnanian, the founder and chairman of Red Bank-based homebuilder Hovnanian Enterprises Inc., died Thursday at the New York Presbyterian Hospital, according to a statement released by the firm. He was 86.

Mr. Hovnanian died of congestive heart failure, according to a report in the Armenian Reporter.

"Mr. Hovnanian was the heart and soul of our company," J. Larry Sorsby, a Hovnanian Enterprises executive, said in a statement.

In 1959, Mr. Hovnanian borrowed $20,000 to start the real estate firm with his three brothers, according to his company biography. Until 1988, Hovanian was the president of the company and then was its chief executive until 1997. After that his son, Ara, became CEO. Today, Hovnanian Enterprises builds homes in 18 states.

According to an obituary written by Ara K. Hovnanian, his father donated funds to establish the K. Hovnanian Children’s Hospital at Jersey Shore University Medical Center, the Emergency Care Center at Riverview Hospital and the new Cardiology Floor at the New York Presbyterian Hospital in New York City.

Mr. Hovnanian also was the co-chairman for the Fund for Armenian Relief for almost to two decades — and an honorary position until he died.

"Kevork’s generosity extended well-beyond his philanthropic efforts," said Michael H. Karmatz, the president of the New Jersey Builders Association, in a statement. He added that Hovnanian’s contributions to the "homebuilding industry are immeasurable."

He is survived by his wife, Sirwart, five children and 13 grandchildren, according to the obituary.

A memorial service is tentatively scheduled at 11 a.m. on Oct. 3 at Saint Vartan Armenian Cathedral, 630 Second Ave., in New York City.

Donations can be sent to the Fund for Armenian Relief, 630 Second Avenue New York, NY, or Saint Stepanos Armenian Church Endowment Trust Fund, 1184 Ocean Avenue Elberon, N.J.